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Snowflake Shares Dip as Databricks Nears $100B Valuation in AI-Driven Funding Round
Snowflake Shares Dip as Databricks Nears $100B Valuation in AI-Driven Funding Round
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BTCCSquare news:
Snowflake Inc. (SNOW) shares declined nearly 1% as private competitor Databricks approaches a $100 billion valuation in an oversubscribed funding round. The data analytics firm's projected valuation represents a 60% premium to its December 2023 valuation of $62 billion.
Databricks reported $3.7 billion in annualized revenue last month, growing at 50% year-over-year. "Investor enthusiasm reflects the traction of our AI products powering enterprise transformation," said CEO Ali Ghodsi. The fresh capital will accelerate development of AI agents, database infrastructure, and strategic acquisitions.
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